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Are You Thinking of Adding-On to Your Chicago Home?

Apr 29, 2022 | Industry News

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There are many reasons to want to add some additional space onto your Chicago home. Maybe the family has outgrown (or will outgrow) current space, and you don’t want to move, or perhaps you’re still working from home and you could use an actual office. Whatever your reasons for considering an addition, there are a number of things to keep in mind before you make the decision to proceed. Here are a few of the most important:  

Define Your Budget

Understanding exactly what your budget will allow should be the very first step. Take a deep dive into your finances to know what you can afford without it negatively impacting your quality of life. As with any renovation, there can be unexpected expenses that crop up, so make you have some wiggle room to address that if it occurs. Once your budget is defined, you can start getting estimates. This will help you make sure that your budget is realistic and will support your plans. Sometimes we love our homes so much that moving isn’t an option, but when you’re clear on your finances, we might find that it makes more sense to move into a bigger home.

Weigh Your Options

There are many things to consider when planning for an addition. Consulting with some reputable contractors can help you better understand local ordinances and permit requirements that you may not be aware of. There aren’t any shortcuts when it comes to major home renovation, so you want to get every bit of information early on. You may find that your plans can progress as you envisioned them, and you may also find that they need some revision. Either way, understanding your options helps you stay realistic and on track.

Think of the Future

It’s impossible for us to accurately forecast the next 5 or 10 years, but it’s still helpful to think about what the future holds and how your plans for an addition fit into that. From the immediate impact — how that scale of work will affect you and your family day to day; to the longer term —like if your plans are to address a temporary problem with not enough space. Often, homeowners can find more strategic, less expensive ways to address temporary space challenges. Do you anticipate needing this space for the years to come? Putting on an addition is an investment, so it’s important to think about how much value it will provide you both now and in the future.

Your Property Value

Finally, it’s important to get some idea of how your addition investment will impact your property value. Talk to some builders and Realtors to see if you can expect a return on your investment. If so, then an addition could benefit you in multiple ways.

An addition on your home is a big project with many moving parts, so get clear on your budget, consider all your options as well as you plan for the future, and find out if it will be of benefit financially in the future. Then you can make an informed decision that you’ll be confident with.

If you’d like recommendations for local builders or Realtors, or if there’s something else we can be of assistance with, please get in touch. We’re always happy to help.

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